President Lee Jae-myung instructed on Wednesday that, to revive private consumption, the government "pursue a plan to convert accumulated reward points earned through card payments, shopping, and membership sign-ups into local currency." The aim is to use so-called "dormant card and membership points" that go unused as local currency, serving as a new funding source to boost domestic demand and consumption in neighborhood commercial districts.
At a Cabinet meeting combined with an emergency economic review meeting held at the Blue House that day, President Lee said, "There are so-called accumulated points, but there are tens of trillions of won in hidden points that go unused because people did not know about them or had circumstances preventing their use." He added, "I ask the relevant ministries to actively review ways to utilize these idle, hidden points."
According to the financial industry, as of June last year, dormant financial assets including dormant financial holdings and unused card points totaled 18.4482 trillion won. Of this, dormant financial holdings amounted to 1.4047 trillion won, and unused card points reached 2.906 trillion won. President Lee directed that ways be reviewed to link such hidden assets with local currency to enhance consumption vitality.
President Lee stressed, "Although private consumption showed a recovery trend in the first quarter, additional and diverse consumption stimulus measures are needed to accelerate this further." He added, "Efforts to increase the use of local currency, which has a significant impact on revitalizing traditional markets and neighborhood commercial districts, are absolutely necessary."
In addition, President Lee instructed that vehicle operation restrictions in the public sector be fully lifted following the easing of the energy crisis. The government lowered the crude oil resource security crisis alert to "caution" and lifted the liquefied natural gas (LNG) crisis alert. Accordingly, vehicle operation restrictions in the public sector and the five-day rotation system for vehicles at public parking lots will end. President Lee emphasized the principle of minimizing regulation, saying, "Let's lift everything that has no real effect."
